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FHA finance bill: win for condo buyers

FHA Finance bill: Win for condo buyers

FHA Finance Downtown Miami

FHA finance bill: win for condo buyers

FHA Finance: It’s no secret that the Federal Housing Administration has been under pressure for several years by housing, community associations, and other groups to revamp its condo finance program.

As of last month, their wishes were granted as the Senate unanimously passed a bill which will require the FHA to make its condo financing regulations less strict and make FHA financed loans more readily available to home buyers with moderate incomes, many of whom are purchasing a home for their first time, as condominiums are the most affordable option.

The Federal Housing Administration, generally known as “FHA”, provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals.

It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.

New bill passed following significant decrease in FHA financed condos

The bill (H.R. 3700) passed following a downfall in FHA-financed condo mortgages. In 2010, the FHA finance was the main source of condo financing for buyers purchasing a home for their first time. It helped finance roughly 90,000 condo mortgages and in the last year the number has dropped to a mere quarter of that figure.

To make matters worse, the FHA placed stringent restrictions on condo communities making eligibility for financing become extremely difficult, so much so that thousands of condo associations fled the program. The Community Associations Institute found that less than ten percent of condo associations are currently eligible for FHA loans.

FHA finance bill seeks to fix key problems

The changes required by the new bill will help correct the following key issues currently facing condo associations and future condo buyers:

  • The FHA will be forced to streamline the re-certification process for condo associations and make it easier for them to be in compliance with the government’s regulations.
  • The minimum owner-occupancy ratio will be reduced from 50 percent to 35 percent, unless the higher percentage is sufficiently justified by the FHA.
  • Exceptions to FHA finance restrictions on commercial space inside condo projects will be allowed. Currently, the limit is set at 25%.
  • Transfer fees will be allowed. In the past, the FHA has rejected condominium projects that collect transfer fees when a unit is sold.
  • More flexibility will be granted with regards to how much commercial space is allowed in condo developments.

Bill’s success depends on two factors

Although it’s unclear that the changes will be enough to revive the struggling FHA program, it’s a step in the right direction. The success of the new FHA bill will depend on two factors: how fast the FHA puts the procedures into practice, and whether the thousands of condo associations who’ve left the program decide to jump back in.

While the new FHA finance bill is currently in ‘wait and see’ state, there is no doubt that Miami is one of the best markets for prospective condo-owners. Miami has historically been known as a hot vacation destination due to its gorgeous beaches and vibrant nightlife.

Today, it is widely recognized as a top place to live for its rich culture, world-class arts and entertainment, and international commerce. Miami’s having a cultural renaissance and it’s clear there’s never been better time to invest in the magic city.

By Julie Wyatt
Source: https://www.congress.gov/bill/114th-congress/house-bill/3700

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Real Estate

Top 20 Reasons to Visit & invest in Miami

Top 20 Reasons visit & invest Miami

Top 20 Reasons to Visit & invest in Miami

Top 20 Reasons visit & invest Miami

  1. Affordable Real Estate – The local market offers record affordability, amenities, & seller incentives; 50% more affordable in the last five years; weak U.S. dollar gives greater discounts for foreign buyers
  2. Top Market for Int’l Buyers – Florida is the top state in the U.S. & Miami is the top market for int’l buyers; & is expected to outperform other U.S. markets long into the future
  3. Enviable Weather – The only major “subtropical” city in continental U.S.; average temp. 75 ºF / 23 ºC
  4. Beautiful Beaches – Greater Miami has 84 miles of Atlantic Ocean coastline & 67 square miles of inland waterways & more than 15 miles of world-famous beaches
  5. Water Sports & Activities – Enjoy snorkeling, sailing, boating, kayaking, swimming, diving & other water sports all year around
  6. Exciting Lifestyle for All – young adults, families, baby boomers, retirees, celebrities, & visitors – museums, performing arts venues, art galleries, professional sports, & amazing places to shop
  7. Fabulous Nightlife – Ocean Drive & more – top restaurants, night clubs, bars, world famous hotspots
  8. Restaurants – In Miami you can savor worldwide cuisine unlike in any other city in the U.S.
  9. Entertainment Industry – Major fashion center, top modeling agencies in the world, Fashion Week & more than 2,400 motion picture & video businesses
  10. Commercial & Investment Real Estate – Vacancy rates for all commercial sectors in Miami are below the national average; retail & multi-family are outperforming most major markets in the U.S
  11. “Gateway to the Americas” – Strategic location between Latin America & Europe; “Capital of the Americas” – perfect for business or pleasure
  12. The Most Int’l City in the U. S. – nearly 50% of population is foreign born & speak over 100 languages
  13. Global Business Center – for business, finance, commerce, media, entertainment, arts & international trade; no state income tax; home to nearly 1,200 multinational companies from 56 nations; more than 100 international consulates, trade offices & bi-national chambers of commerce
  14. Hotels – ranks fifth in US in occupancy after New York, Oahu Island, San Francisco, & Boston
  15. Top Tourist Destination – 12.6 million overnight guests – with 6 million of them int’l visitors
  16. World Aviation Hub – 3rd in the U.S. with 33.5 million passengers a year; Over 80 airlines to 120 destinations – top freight airport in the U.S. with 1.8 million tons – $19 billion in business revenue/year
  17. Port of Miami – “Cruise Capital of the World” with more than 4 million passengers a year; Also serves 240 seaports; 9 million tons of sea cargo; top markets: China, Italy, Hong Kong, Honduras & Brazil
  18. Educational Institutions – 4th largest U. S. school district; 5 colleges & universities; 3 law schools
  19. Hospitals – 33 hospitals; Jackson Memorial is one of the top 25 hospitals in the U. S. & Miami Children’s Hospital is rated the top pediatric hospital in the country Top Rankings
    • Miami has the largest concentration of international banks in the U.S.
    • Miami’s skyline ranks third in the U.S. behind New York City & Chicago & 18th in the world (Almanac of Architecture & Design.)
    • Miami is the only major city in the United States bordered by two national parks, Everglades National Park on the West, & Biscayne National Park on the East.

Top 20 Reasons visit & invest Miami
Source: Miami Association of Realtors


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Brickell Heights 96% sold, great deals on the last residences

Brickell Heights Condo 850 S Miami Ave Miami, FL 33130

Brickell Heights Condo has toped off with 96% of it’s residences sold, scheduled for completion early next year the project features 2 towers 690 residences connected by a private oasis with lap pools, fitness center and a 30,000 square feet Equinox Gym. Each tower features its own rooftop pools overlooking to miami skyline.

Brickell Heights Equinox 2

The building will feature slick interior design by David Rockwell, Rockwell Group has designed for W Hotels (Paris, Puerto Rico, Singapore and New York City), and Fairmont (Quebec City). Top restauranteurs who have called on his expertise for unique dinning venues include Nobu Matsuhisa, José Andres, Gordon Ramsay and Denny Meyer (New York)

The project features 1 to 4 bedroom residences priced from the mid $400,000, the residences will be delivered finished with tile floors throughout. At this point the developer is offering incentives on the last residences.

This is a great time to purchase at Brickell Heights Condo and enjoy special close out pricing.
There are just a few residences remaining, do not miss this great opportunity.

Click here to visit the Brickell Heights Condo Webpage and preview renderings and floor plans.

Brickell-Heights-Condo 2

Or click below to send us an email

“Miami

Legal Disclosure
ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. OBTAIN THE PROPERTY REPORT REQUIRED BY FEDERAL LAW AND READ IT BEFORE SIGNING.

All artist’s or architectural conceptual renderings, plans, specifications, features, dimensions, amenities, existing or future views and photos depicted or otherwise described herein are based upon preliminary development plans, and all and are subject to architectural revisions and other changes, without notice, in the manner provided in the purchase agreement and the offering circular. All features listed for the residences are representative only, and the Developer reserves the right, without notice to or approval by the Buyer, to make changes or substitutions of equal or better quality for any features, materials and equipment which are included with the unit. The dimensions of units stated or shown in brochures will vary from the dimensions that would be determined based upon the description of the Unit boundaries set forth in the Declaration of Condominium. This website does not constitute an offer to sell or a solicitation of an offer to buy a unit in the condominium. No solicitation, offer or sale of a unit in the condominium will be made in any jurisdiction in which such activity would be unlawful prior to any required registration therein. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, sex, religion, handicap, familial status or national origin.

Not an offering where prohibiting by state law. Prices subject to change without notice. Photography and artwork in this website is for informational purposes and might be stock photography and renderings used to depict the lifestyle to be achieved rather than any that may exist. We are pledged to the letter and spirit of us policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin. investinmiami.com is not affiliated to any other website or entity. The images herein belongs to the developer and is being used in collaboration with their sales and marketing to promote such properties. Click here for our full legal disclosure

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Real Estate

Climate Ribbon at Brickell City Centre

Climate Ribbon at Brickell City Centre

Brickell City Centre Climate Ribbon 2

The CLIMATE RIBBON™ featured at Brickell City Centre is a $30 million trellis of steel, fabric and a continuous surface of glass that spans 150,000 square feet.

Acting as a sophisticated environmental management system, the CLIMATE RIBBON protects visitors from inclement weather, captures sea breezes to regulate air flow and temperature, collects rainwater for reuse, and allows visitors to enjoy natural light in an open air experience. The CLIMATE RIBBON is also the flagship sustainability feature for a project demonstrably aware of its environmental responsibilities and beautifully expresses Brickell City Centre’s approach to urban synergy and connection.

CLIMATE RIBBON™ is a trademark of Swire Properties Inc

In order to realize the CLIMATE RIBBON’S™ function as a sophisticated environmental management system, intensive consultation has been conducted between Swire Properties Inc and a multi-disciplinary international team including Hugh Dutton Associés of Paris, Cardiff University of Wales, Carnegie Mellon, alongside the project’s architect, Arquitectonica. A leading German design firm, Gartner, has been enlisted to build the structure.

The primary objective of the CLIMATE RIBBON is to provide the optimal environmental quality for the shopping center. To do this, the CLIMATE RIBBON is designed for three key benefits: ventilation so that air conditioning is not needed in the shopping center’s public places, shelter from inclement weather and solar shading for the hottest times of the day.

Sustainability

Swire Properties’ view of what it means to be truly sustainable and its commitment to sustainability doesn’t get more significant than the unique, CLIMATE RIBBON™.

Brickell City Centre Climate Ribbon

Spanning 150,000 square feet in phase one of the project, the exclusive trellis system is a symbol of sustainability at Brickell City Centre. With a holistic approach to water management and resource conservation, the structure will be equipped with multiple cisterns that will work to collect rain water. The CLIMATE RIBBON is estimated to capture five million gallons of water annually. Storing the captured water above ground eliminates the need for pumping and additional electrical usage when water is distributed. The design also has potential for solar energy harvesting.

Another example of Swire’s commitment to sustainability can be seen in the project’s LEED® registration for Neighborhood Development. Swire Properties aims for LEED® Gold certification for the individual elements of Brickell City Centre, a demanding technical challenge for a project of such size and scope.

A truly sustainable project is one that considers the impact on people’s lives in future years. This ensures a site thrives long term and gives back economic, social and cultural benefits to the communities it serves.

In this area too, Brickell City Centre is characterized by careful planning. It is estimated that Brickell City Centre’s economic impact will be approximately $1 billion: during the build, it will provide 1,700 construction jobs each year and once complete it will provide approximately 3,700 jobs directly, and a further 2,500 indirectly.

Visit Brickell City Centre Webpage

Brickell-City-Centre

Source Swire Properties

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Real Estate

Billionaires Mega Yacht Attessa IV Docked in Miami

Billionaires Mega Yacht Attessa IV Docked in Miami

Miami has been a destination to over 13 millions visitors every year.

Late last month, we were visited by the super yacht Atessa IV, a 337-foot mega-yacht owned by Dennis Washington. Built in 1998, the super yacht has gone through a total redesign and renovation since its purchase in 2007, featuring helipad, a fifth-floor sky lounge and bar, a grand staircase flanked by Henry Moore sculptures, a lit pool and deck that includes a spa, and a completely redone engine room. Four rooms were transformed into a gym, a spa, and a massage room.

The Super yacht was moored at the Miami Bayfront Park adjacent to the American Airlines Arena. There aren’t many choices today for docking a ship of this size other than the Port of Miami in between the cranes.

There is a lot going on in Miami lately, new projects are changing the scene of this vibrant city, yet to debut with super luxury amenities and services cater to the super wealth. We are not talking just about building luxury condominiums but creating a whole infrastructure for a sustainable future.

According to the Knight Frank Report (2015) Miami ranked 6th as a destination for High Net Worth Individuals, and among the many planned projects we have a super yacht Marina underway, Island Gardens.

The Island Garden is an audacious project that will feature a super yacht marina on its 1st phase scheduled for completion late 2015, followed by 2 hotels, world class retail and restaurants for completion late 2017.

Island-Gardens-Ad

The Deep Harbor at Island Gardens will feature 5,000 liner feet of capacity, accommodating an average of 50 yachts stretching up to 550 feet with drafts between 18-25 feet deep. The Marina will include in slip fueling, customs and immigration clearance, 24 hours concierge and dock masters and much more.

According to the developer Flagstone Property Group, the project is scheduled for completion late 2015 for the Miami Boat Show, introducing a new show the Superyacht Miami by Show Management catered exclusively to SuperYachts. The project will contribute to a great economic impact of 98.1 million in sales tax during the first three years.

Click here for more information about Island Gardens Project

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Real Estate

New Yorkers Are Leaving the City for Miami

New Yorkers Are Leaving the City for Miami

A couple of months ago, we heard that Los Angeles was the new Brooklyn, as New Yorkers fled the wealth, glitz, and blizzards for wealth, glitz, and permanent summer.

Apparently, though, Los Angeles isn’t their main migration destination: Between 2009 and 2013, some 22,000 New Yorkers headed to Miami. This sunshiny tidbit comes from the U.S. Census, which released new figures on Tuesday about “Metro Area-to-Metro Area Migration Flows”—where folks go when they leave one city for another.

Nine times out of 10, people are moving to metro areas that are close by. Most of that happened in the Los Angeles area, with some 90,000 people moving from L.A. to Riverside, CA.

New York City didn’t completely buck the trend; 26,957 people moved from the New York metro area to the Philadelphia metro area. (Philly was itself once labeled the sixth borough, back before there was a new Brooklyn every 17 days.)

This makes sense: Philly is actually commutable to New York, especially if you’re a part-time telecommuter, and real estate there, while getting pricier, is still way cheaper than it is in the New York area.

But Miami? That’s a long way from Midtown. Also: Miami’s prices have been growing at an impressive, or alarming (depending on how you look at it), rate. The New York Times proclaimed the existence of “New York City Prices in Miami.

”Please, Mr. PostmanSend me news, tips, and promos from realtor.com® and Move. Sign Up“Over the past 18 months, prices have risen by 11.5 percent along the beachfront in Miami, with new condominiums averaging $1,011 a square foot, up from $907 a square foot,” it wrote.

That doesn’t deter buyers. In fact, it might lure them. The Pritzker Architecture Prize–winning architect Richard Meier bought a condo in his own new Miami building, the Surf Club Four Seasons, where approximately two-thirds of the buyers are New Yorkers. Per that same article, Miami, too, has been crowned the sixth borough.

Source: New Yorkers Are Leaving the City for Miami

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